Las Vegas Businessman Brent Kovar Convicted in $24 Million Crypto Ponzi Scheme, Faces Up to 280 Years
A federal jury has convicted Las Vegas businessman Brent Kovar of wire fraud, mail fraud and money laundering in connection with a Las Vegas businessman faces 280 years in prison after $24 million crypto fraud conviction.
cryptocurrency scheme, according to The Block and Cointelegraph.
Kovar took the money from at least 400 investors, according to Cointelegraph. According to Decrypt, Kovar told investors that a supercomputer was mining cryptocurrency on their behalf and falsely claimed their money was insured by the FDIC.
The Block reports Kovar now faces up to 280 years in prison following the conviction.
Sources: The Block, Cointelegraph, Decrypt
This article is for information only and is not financial advice.
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